Pacific Cycle LLC acquired Schwinn/GT Corp. for $86m in a room packed with lawyers on the same day as terrorists flew into the twin towers in New York. Now, on the eve of a Middle Eastern war, Pacific has ruled itself out of the bidding for Cannondale. The highest bid out of the sealed envelopes wins Thursday's auction for the corporation.
Pacific pull out of race for Cannondale
Non-disclosure rules forbid Cannondale execs from revealing any concrete info until after the sealed bids have been opened. An announcement is expected late Thursday or early Friday.
Accell, Europe’s second biggest bike maker, was hoping to be a front runner in the bidding.
Like many bike companies, Pacific looked at Cannondale’s books and went on HQ tours, but the company is believed to have declined to make a bid.
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